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US fund Starwood swallows Taittinger champagne and hotel empire
0 Comments | AFP, July, 2005
PARIS (AFP) — US investment fund Starwood Capital is to buy French luxury products group Taittinger and its main subsidiary Societe du Louvre in a complex deal valuing the two companies at 2.857 billion euros (3.480 billion dollars), Groupe Taittinger said.
The terms valued Taittinger at 1.166 billion euros and its hotels and luxury goods unit Societe du Louvre-Groupe du Louvre at 1.691 billion euros, the group said Friday.
The cash deal came about three weeks after Claude Taittinger, chairman of the group's supervisory board, urgently put the company up for sale, hoping to conclude a deal by the end of July.
It also comes at the end of a week in which the French business world has been riveted by warnings from the French government to ward off another US...
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